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Cameroon

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Economic and political overview

Economic Overview

With a strategic location that makes the country a natural gateway into the landlocked region of Central Africa (including Chad, Central African Republic, and northern Congo), Cameroon is undoubtedly an influential country in the economic and monetary community of the region. Cameroon's economy has remained resilient to external shocks, but structural weaknesses hinder its potential. Between 2020 and 2023, overlapping crises led to an average GDP growth of just 2.6%. Growth is further slowed by poor infrastructure, especially in electricity, roads, and internet connectivity. Other challenges include an underdeveloped financial system and heavy reliance on commodity exports. The medium-term outlook is moderately positive, with real GDP growth projected at 3.7% in 2024 and slightly above 4% in 2025 and 2026 (World Bank). Key drivers include improved energy supply from the Nachtigal hydroelectric dam, which now accounts for one-third of the current supply, and increased public investment, particularly in infrastructure, targeting 7% of GDP by 2027.

The fiscal deficit fell to 0.8% of GDP in 2023, down from 1.1% in 2022, driven by lower fuel subsidies, reduced capital spending, and improved tax collection. Higher revenues supported increased public investment in 2024, with the deficit estimated at 0.8% in 2024 and projected at around 1% in the medium term (World Bank). Cameroon’s public debt is considered sustainable but carries a high risk of distress due to breached liquidity thresholds. It is expected to follow a downward trend amid nominal GDP growth, decreasing to 36.8% by 2026, from 40.3% in 2024. Average inflation fell to 4.7% in 2024 from 7.7% a year earlier, driven by BEAC’s restrictive monetary policy, easing foreign inflation, and government price controls, despite a fuel price hike in February 2024. The rate is expected to decline further to 3% in 2026 (World Bank).

Climate change and fragility continue to hinder growth and poverty reduction. Cameroon must rethink its growth model, emphasising private sector involvement, redefining the state's role, and boosting labour productivity. Poverty rates have stagnated since 2001, and rapid population growth has pushed extreme poverty above 6.6 million in 2023. Inequality remains high, with a Gini coefficient of 42.2, reflecting stark regional and urban-rural disparities (World Bank). Fragility is worsening, with conflicts now affecting nine of ten regions, including spillovers from neighbouring countries. According to data from the National Institute of Statistics in Cameroon, the unemployment rate in the country in 2024 stood at 3.6%; however, the unemployment rate among young graduates (25 to 35 years) is 5 times higher than that of non-schooled individuals.

 
Main Indicators 2024 (E)2025 (E)2026 (E)2027 (E)2028 (E)
GDP (billions USD) 52.7856.0160.2164.4969.28
GDP (Constant Prices, Annual % Change) 3.63.64.04.44.6
GDP per Capita (USD) 1,8011,8651,9582,0472,149
General Government Gross Debt (in % of GDP) 42.739.938.637.135.6
Inflation Rate (%) 4.53.43.02.82.6
Current Account (billions USD) -1.72-1.56-2.32-2.39-2.43
Current Account (in % of GDP) -3.3-2.8-3.9-3.7-3.5

Source: IMF – World Economic Outlook Database , Latest data available

Country Risk

See the country risk analysis provided by La Coface.

 

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Main Sectors of Industry

Due to its abundant natural resources, Cameroon stands as a major global producer of goods like cocoa, coffee, bananas, palm products, tobacco, rubber, cotton, maize, and cassava. Before the development of the oil trade, agriculture was the country's main economic driver. Nowadays, the primary sector contributes 17.3% of the GDP and employs 43.4% of the active population (World Bank). Fishing and forestry are two of the country's additional significant activities. Moreover, the country has high-value varieties of timber. Coffee and cocoa production, which is concentrated in the English-speaking regions, suffers from political instability in the area. In 2024, in Far North Region, severe floods damaged over 85,000 hectares of farmland, killed 5,278 livestock, and submerged key fodder areas, affecting 450,000 people. In central and southern areas, the 2024 secondary maize season began in October under good conditions, with harvesting starting in January 2025. Ongoing insecurity in Far North, Northwest, and Southwest regions disrupted farming, restricting access to inputs and fields, reducing 2024 crop yields (FAO).

The secondary sector accounts for 25.5% of the GDP and employs 14.9% of the workforce. Key industries include petroleum refining, food processing, textiles, cement production, and logging. The petroleum sector, primarily centred around oil refining, plays a significant role in Cameroon's industrial output. Food processing is another vital component, with companies involved in the production of beverages, dairy products, and processed foods. The textile industry, though facing challenges, remains a notable sector, particularly in the production of cotton fabrics. Additionally, cement production contributes to infrastructure development and construction activities. Logging and timber processing, although facing sustainability concerns and regulatory challenges, are important contributors to the economy, reflecting Cameroon's rich forestry resources. Extractive industries represent around 20% of government revenues, a third of exports, and 4% of GDP (EITI), whereas the manufacturing sector accounts for 13% of GDP (World Bank). In addition to oil and gas, Cameroon's resources include bauxite ore and iron. LNG production is expected to offset the gradual decline in crude oil production.

The tertiary sector accounts for half of the GDP and employs 41.7% of the active population. Key areas include telecommunications, banking and finance, transportation, tourism, and retail. The telecommunications industry has experienced significant growth, with increased mobile and internet penetration rates across the country. Banking and financial services play a crucial role in facilitating commerce and investment, with both local and international institutions operating in the sector. Furthermore, retail, driven by urbanization and increasing consumer demand, contributes to commercial activity and employment opportunities across the country.

 
Breakdown of Economic Activity By Sector Agriculture Industry Services
Employment By Sector (in % of Total Employment) 43.4 14.9 41.7
Value Added (in % of GDP) 18.5 23.2 50.7
Value Added (Annual % Change) 3.5 2.5 4.2

Source: World Bank - Latest available data.

 
Monetary Indicators 20202021202220232024
CFA Franc BEAC (XAF) - Average Annual Exchange Rate For 1 USD 575.59554.53623.76606.57606.35

Source: World Bank - Latest available data.

 

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Foreign Trade

Cameroon is open to international trade, being a member of the Commonwealth, the CEMAC (Central African Economic and Monetary Community), the Economic Community of Central African States (ECCAS), and having signed the African Continental Free Trade Agreement. The ratio of trade to GDP is around 37% (World Bank, latest data available). Its main export commodities are crude oil (37.7% of total exports in 2023), liquefied natural gas (14.1%), cocoa (12%), and wood (6.7%). Hydrocarbons accounted for 24.6% of total import expenditures, followed by fuels and lubricants (22.6%), and machinery and electrical appliances (13.1% - data INS).

During the year 2023, the six main clients of Cameroon accounted for 62.3% of the country's total exports, according to data released by the National Institute of Statistics (INS). These countries were the Netherlands (23.2%), France (12.3%), India (9.6%), China (7.8%), Chad (5%), and Italy (4.4%). As per imports, the main suppliers were China (19%), India (11.6%), France (7.6%), the U.S. (4.8%), and Belgium (4.4%).

Cameroon's trade balance is structurally negative. According to WTO data, in 2022 Cameroon imported USD 4.4 billion worth of goods against USD 9 billion for exports. The country’s trade balance was estimated to be in deficit by 4% of its GDP in the same year, from 2.6% in 2022 (World Bank). According to preliminary figures from INS, Cameroon's total exports declined again in Q3 2024, contracting by 4.9% year-on-year. This was driven by a continued drop in non-crude oil goods exports, down 6.5%, combined with an 8.8% fall in service exports.

 
Foreign Trade Values 20202021202220232024
Imports of Goods (million USD) 5,5216,9817,8748,1168,500
Exports of Goods (million USD) 3,1324,3175,5844,9276,000
Imports of Services (million USD) 2,0722,4392,4882,5122,654
Exports of Services (million USD) 1,6161,5271,6121,9442,057

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20202021202220232024
Foreign Trade (in % of GDP) 33.736.741.337.934.4
Trade Balance (million USD) -679-708-293-1,396n/a
Trade Balance (Including Service) (million USD) -1,088-1,579-1,118-1,941n/a
Imports of Goods and Services (Annual % Change) -17.112.85.30.5-2.9
Exports of Goods and Services (Annual % Change) -14.43.52.90.3-5.1
Imports of Goods and Services (in % of GDP) 18.520.222.021.018.7
Exports of Goods and Services (in % of GDP) 15.216.519.316.915.7

Source: World Bank ; Latest available data

Foreign Trade Forecasts 20252026 (e)2027 (e)2028 (e)2029 (e)
Volume of exports of goods and services (Annual % change) 1.115.811.16.56.5
Volume of imports of goods and services (Annual % change) 6.06.54.25.65.5

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Cameroon is open to a large extent to international trade. It is a member of the Commonwealth as well as that of the Franc Zone. In order to facilitate trade relations, these countries have signed treaties and agreements to simplify trade. In this way Cameroon has signed agreement with the European Union.

It should also be noted that Cameroon also has trade agreements with countries such as Tunisia, Nigeria and China.

 

Main Partner Countries

Main Customers
(% of Exports)		 2023
Netherlands 23.2%
France 12.4%
India 9.6%
China 7.8%
Italy 4.4%
See More Countries 42.6%
Main Suppliers
(% of Imports)		 2023
China 19.0%
India 11.6%
France 7.6%
United States 4.8%
Belgium 4.4%
See More Countries 52.6%

Source: Comtrade, Latest Available Data

 

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Political Outline

Current Political Leaders
President: Paul BIYA (since 6 November 1982)
Prime Minister: Joseph Dion NGUTE (since 4 January 2019)
Next Election Dates
Presidential: October 2025
Senate: March 2027
National Assembly: 2030
Main Political Parties
Cameroon has a multi-party system, yet more than two-thirds of parliamentary seats are delegated to the Cameroon People's Democratic Movement (CPDM) party. The most notable political forces include:

- Cameroon People's Democratic Movement (CPDM): right-wing, has the vast majority of seats in the parliament
- Social Democratic Front (SDF): centre-left, main opposition party, promotes social democracy
- National Union for Democracy and Progress (UNDP): anti-communist
- Cameroon Democratic Union (UDC): anti-corruption, decentralization
- Movement for the Defence of the Republic (MDR).
Executive Power
The President is the chief of the state and holds the executive powers. The President is also the head of the armed forces. He is elected by popular vote for a seven-year term. He appoints the Prime Minister (who is the head of the government) and the Cabinet. The President has the power to dissolve the National Assembly and declare by decree a state of emergency which shall confer upon him special powers.
Legislative Power
Cameroon's legislature is bicameral, consisting of the National Assembly and the Senate. The National Assembly has 180 members, directly elected in multi-seat constituencies by simple majority vote for five-year terms. While its main role is to pass laws, it rarely modifies or blocks government proposals. The Senate comprises 100 members, with 70 elected indirectly by regional councils and 30 appointed by the President. Senators also serve five-year terms.
 

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